E-sports community engagement platform Fanclash is in discussions to raise about $30 million in a new round from new and existing backers. This will be the second institutional round for the Gurugram headquartered company in the past two years.
“Alpha Wave is in late-stage discussions with Fanclash to lead a $30 million round,” said one of the people requesting anonymity. “Existing backers Sequoia Capital and Info Edge are set to join the Series B round.”
According to sources, Sequoia had led a $12-15 million Series A round in Fanclash in the last quarter of 2021 but the deal is yet to be announced.
Founded by Richa Singh and Rishabh Bhansali, Fanclash is an e-sports platform for gamers to play and follow various games like Free Fire, PUBG, Counter-Strike and engage with streamers.
The company had raised about $500K from Info Edge in May 2020.
“Fanclash has been growing rapidly and this triggered the interest of heavyweight investors such as Alpha Wave. The deal is likely to go through if nothing goes wrong at the last minute,” said another source who also wished not to be named as discussions are private.
Queries sent to Fanclash, Alpha Wave and Sequoia didn’t elicit any immediate response. We will update the story in case they respond.
While Alpha Wave (formerly Falcon Edge) has been making big investments since 2021 and its notable investments include Ola Electric, Stanza Living and Pine Labs, it also invested in early-stage startups such as 100ms, Wealthy.in, Udayy, Kyt. AWI is also in talks to back 1K Kirana Bazaar.
Entrackr had exclusively reported the development on February 22.
FY21 was the first full financial year of Fanclash’s operations and it had remained a pre-revenue stage company in FY21 with nominal income. The company posted Rs 1.8 lakh in operating revenue during FY21 as compared to zero income in the previous fiscal. Its losses stood at Rs 80.5 lakh in the last fiscal year.